Jim has been a licensed real estate broker and state certified general real estate appraiser for the past twenty-five years at Jersey Cape Realty in Cape May. Jim and his wife Svetlana also reside in Cape May and are raising a son, James Boris, and a daughter, Anna Sophia, who both attend the Cape May City Elementary School. Having moved to Cape May full time in 1983, Jim has become a huge proponent of our quality of life here in Cape May County, as well as a strong advocate for sustainable economic growth and resilient infrastructure improvements.
Q. Before asking you about the real estate market, what can you tell us about why you chose a career in real estate?
A.I have an older sister (Dee Lanzalotti, the broker/owner/founder of Jersey Cape Realty) who has been extraordinarily successful in real estate, and this naturally caused me to consider this field. After a dozen years crisscrossing most of South Jersey every day in the road construction industry, being able to work full time in Cape May County certainly sounded very attractive.
But, even more than those things, being a people person, I was excited to find ways to work with people I knew, to be able to help them achieve their goals and to successfully serve their real estate needs. To be honest, even as all-consuming a career as real estate can be, it is truly still fun after all of these years. There is a great satisfaction in helping people get the things done in their lives that they want, and sometimes need, to do. A side benefit is getting to see a really cool variety of homes in our area.
Q. So, what most characterizes local market conditions, at this time, in your view?
A. The local real estate market has been mirroring the regional and national market for some time now. The strongest current characteristics of the local real estate market are strong appreciation rates, dramatically reduced market exposure time necessary to consummate transactions and the perception of extraordinarily low inventory levels.
Q. Why do you say “perception” of low inventory levels? Isn’t it true that there is very little for sale at the moment?
A. Yes and no. It is true that any cursory review of the MLS in Cape May County is going to reveal an historically low inventory of homes for sale now. However, the time of year is playing into this, as many Sellers choose not to expose their properties to the market over the holidays and wait until the start of the Spring market to come on as an active listing. Additionally, though, and more significantly, is the effect of the dramatically reduced market exposure time necessary to consummate a transaction. This means that when homes sell within weeks, and sometimes days (and even in some really crazy instances within hours!) of coming on the market, the market appears, at times, devoid of inventory. However, in drilling down into the market stats, you can find surprising evidence of a healthy number of transactions.
For example, in the Cape Mays combined (the City of Cape May and the Boroughs of West Cape May and Cape May Point) there were actually more transactions completed in 2021 than in 2020 (which was not a slack year, in spite of the pandemic). The perception, in our industry, was that there was “nothing to sell” this past year because we are used to seeing a certain amount of inventory on the market at any one time. But we actually saw 188 single family homes change hands in 2021 compared with 171 in 2020 in the Cape Mays.
Q. You say you are bullish on the Cape May County real estate market. Can you elaborate?
A. Yes, very easily. I know I am hugely biased. But I personally think we have a fabulous quality of life here at the southern tip of the state. I only ever seem to have reluctant sellers and excited buyers. Our precious natural environment, our world class beaches, our family friendly communities which are so popular with tourists from literally all over the world, our modestly and well governed county and municipalities, our exceptional school systems, our proud partnership with the US Coast Guard, our golf courses, wineries, breweries, sport fishing industry, our award winning zoo, our unique and convenient location with easy access to the biggest metropolitan areas of the country and a constantly improving network of health care delivery services right here in Cape May County, all contribute to a wonderful place to live, work and vacation in.
Q. Switching gears a little bit, what can you share about your view of what consumers should be looking for in a real estate agency? Or, from an individual agent?
A. That is actually a great question and one that always fascinates me: how people make decisions and choices about who to work with regarding their typically largest asset in life, their homes. But, to keep it brief, I’ll let you know how I would approach this same question if I were contemplating acquiring a second home somewhere other than locally.
I would first and foremost look to see which real estate agencies advertise consistently on their clients’ behalf. Advertising is the most critical marketing tool, but it is not free. So, an agency which advertises in good markets and bad, in summer, fall, winter and spring, just advertises consistently, shows me they are successful and committed to their clients’ success.
Of course, I would also be drawn to successful, experienced agents who have a great track record in their local market. I am also always impressed with the extent to which an agency, or agent, has embraced the latest technological resources available to promote their clients’ listings. Finally, and I know this might sound simplistic, but, I would have a hard time giving my business, particularly in a tourist destination, to an agency which was not a seven day a week operation.
Dee and I routinely tell new agents that if working on weekends and holidays is going to be difficult, you probably need to find a new line of work. In our world, that is when our clients are here!
Q. Sticking to Cape May County, are there good sources of information about our local communities for prospective Buyers and existing residents to access?
A. Absolutely, we have a terrific county planning department, with incredible online and in person resources, with a very friendly staff of helpful professionals who are glad to assist people with a wide variety of inquiries. No one contemplating making an investment in Cape May County should ever feel that they are lacking access to answers to their material questions. Like many real estate professionals, I also communicate to my whole client base with a regular, monthly email update, which contains current market stats, trends and analyses. Many of my friends and clients, whose primary residence is elsewhere, tell me that this “news” regarding the Cape May County real estate market makes them feel more connected to the Jersey Shore.
Q. We noticed you mentioned that you are a commercial real estate appraiser as well as a real estate broker. Does being a commercial appraiser affect your real estate brokerage business?
A. Well, I should make clear that I make my living as a real estate broker; that is my primary function and how I spend most of my time. However, having trained to be a state certified general appraiser, I came to realize that I really enjoy my appraisal practice as well. I genuinely like the math and the development of commercial appraisals, especially here in Cape May County, where by far, the greatest majority of all of our businesses are owner-operated. I get to meet a lot great, hardworking business owners, entrepreneurs, and new startups, all of whom, like me, are sold on Cape May County.
Q. Finally, what do you see as the future of the real estate industry? Will technology make your profession obsolete in time?
A. Without question, technology has already revolutionized the field of real estate and, may well go a long way toward minimizing the hands-on involvement of real estate professionals in the future. However, just as in the stock brokerage industry, no matter to what degree the consumers’ dependence upon the internet and high technology evolves, there will always be a role for a trusted advisor to help navigate the choices available to a buyer and to the decisions being made by a seller. I envision the possibility that real estate professionals in the future are more viewed as consultants rather than commissioned salespeople. But we’ll see; I am sure there are a lot more changes coming than any of us can foresee at this time.
Jim Cheney can be reached at Jersey Cape Realty 609-884-5800, or by cell phone 609-408-1948, or by email at Jim@JerseyCapeRealty.Com
